Selling apartment Dublin

Babby

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Hi,
I have an apartment in Dublin that I am planning to sell in autumn.

Could someone assist me in breaking down the costs associated with the sale - Eg Are estate agents fees negotiable? And apart from solicitor is there anything else I need to factor in

Also, when do I tell the bank I am selling so I can pay back the mortgage? And are there usually extra fees associated with repayment of mortgage?

thanks for any advice!
 
Are estate agents fees negotiable?

Yes, especially at higher values.

But you get what you pay for.

A motivated estate agent is worth a lot more than what you can save in bargaining their fee down. Realistically this will be only a few hundred euros in the scheme of hundreds of thousands
 
Ok, thanks for this advice. Do you recommend getting valuations from a few agents ? Or go with an agent that has had successful sales in the area / apartment block ?
 
Also, when do I tell the bank I am selling so I can pay back the mortgage?
Your solicitor will look after this as part of the conveyancing process.
I would recommend picking a solicitor before you put the apartment up for sale.

And are there usually extra fees associated with repayment of mortgage?
Is it on a fixed or variable rate?
If fixed, there might be a break fee.
Otherwise the only charge is a fee for taking up the title deeds - usually about 63 euro.


Could someone assist me in breaking down the costs associated with the sale - Eg Are estate agents fees negotiable? And apart from solicitor is there anything else I need to factor in
It depends on when the apartment was purchased. If it was never registered with land registry, then you will need a plan of the apartment block showing which is yours, etc. This is something that the OMC will look after I understand. You will also need copies of the OMCs annual accounts, etc. If you pick a good solicitor, they'll provide you a list of all of these 3rd party costs that they will need, with an estimate.

In terms of other costs, I'd budget a few hundred to get a skip to 'declutter', always helps to sell a property. And take advice from EA on whether a quick paint to freshen it up might make it more attractive to sell, or if there are any other small maintenance jobs that need to be looked at. You want to appeal to as many potential buyers as possible. You'd be surprised how much people can be put off by something small like a dripping tap, or a cupboard door off it's hinges!

EA fees are negotiable as mentioned. I'd recommend getting 'professional' photos taken; this will be extra, and arranged via estate agent. There's nothing more off putting that a listing on a website where the photos were obviously taken on the EAs mobile phone. From memory when I sold I think the 'marketing' budget was about 800, that included photos, listings on websites, 'for sale' sign outside, and the printed brochures. Your EA will have a standard 'menu' for you to choose from.

If you go with an EA that has recent success selling apartments in the same block, they might already have potential buyers on their books.
 
Or go with an agent that has had successful sales in the area / apartment block ?

If you can find an agent who manages properties in the same block they might source a buyer very easily. Either a landlord who wants more properties in the same block, or tenant who has lived there and wants to stay.

Agents who specialise in apartment rentals and management are generally a bit less visible and don't have big shop windows. But ring around a few very local ones and see what they say.

Otherwise @RedOnion 's advice is all good.
 
Just to add, as I understand you already live in the UK.
Your solicitor will need a tax clearance from Revenue before they release funds to you from the sale. Somebody else might be able to advise in the process, but maybe factor in a few hundred for an accountant to do your CGT calculations and file for you.
 
What is a tax clearance cert? Is this a statement of my tax paid to date or my cgt declaration? I will have a capital loss ( of quite a lot ) so I assume that I have to report this as I understand it can be offset again gains in the future, if I was ever lucky to have any.

does the solicitor handle transfer to monies from buyer to the bank to pay the mortgage off ?
 
Yes I have, along with doing a tax return for rental income. Does the tax clearance cert relate to the property tax ?
 
What is a tax clearance cert?
Apologies, I didn't realise this only applies to property over 1 million. There a CG50 certificate that relates to capital gains tax.

It won't apply in your circumstances. However, your solicitor might need evidence to satisfy themselves that there is no tax due from the proceeds, as they could be liable for any payments due to Revenue, when they act for a non resident vendor.


does the solicitor handle transfer to monies from buyer to the bank to pay the mortgage off ?
Yes, solicitor will look after this.
Typically the estate agent will pay themselves out if the booking deposit, and transfer remaining amount to your solicitor. Solicitor will use the proceeds to redeem mortgage, pay their fees and any 3rd party fees, and then transfer the balance to you.

If you are looking for a solicitor, I'd be happy to recommend one.
 
You also need a current BER in place. And the MUD act requires you to pay a fee to the management committee of the apartment block to provide you with paperwork regarding fees etc. This fee varies and coud be anything from a few hunred to almost €1000.
 
You also need a current BER in place. And the MUD act requires you to pay a fee to the management committee of the apartment block to provide you with paperwork regarding fees etc. This fee varies and coud be anything from a few hunred to almost €1000.
Is there any way to minimise the MUD costs? We're looking at selling soon also and this was a new one on me.
 
Thanks for all the advice. I have another question - does the rent I currently charge ( below market rate ) impact on the buyer - as in - if they rent it out they cannot increase the rent more than the current rent plus 4% per year ? Is this correct
 
Also, what notice period do I need to give the tenants, they have a fixed term tenancy ending in September, it says online, the 3 months notice would be begin after the end of their tenancy, as I cannot give notice during a fixed term contract ? Is this correct ?
 
Thanks for all the advice. I have another question - does the rent I currently charge ( below market rate ) impact on the buyer - as in - if they rent it out they cannot increase the rent more than the current rent plus 4% per year ? Is this correct

Maybe. A new buyer looking to let will not be able to charge above the rent you are paying. Someone looking to live there themselves won't care. How much below market are you?

Also, what notice period do I need to give the tenants, they have a fixed term tenancy ending in September, it says online, the 3 months notice would be begin after the end of their tenancy, as I cannot give notice during a fixed term contract ? Is this correct ?

You'll need to tell us exactly when the tenancy started.
 
Tenancy started 1st September 2020
Well then a Part IV tenancy is in place and there are limited grounds for termination.

Selling a house is one of them, but you have to give 90 days notice.

Be very careful to get the notice of termination to the tenant written and served exactly right. It is easy to get this wrong the the RTB frequently deems the terminations invalid on what can look like quite technical grounds. Even if a tenant refers the case to the RTB you could be waiting 4 or 5 months while it decides.

I would approach this very carefully. Try to secure the tenant's understanding and cooperation in advance, but get the paperwork exactly correct too. In the scheme of a sale a thousand or so euros of an incentive for the tenants to leave on time could be money well spent.
 
Thanks, I have a fixed term tenancy for one year, they only moved in last September. Does this change things?
 
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